NEW YORK--(BUSINESS WIRE)--The Board of Trustees of AllianzGI Convertible & Income Fund II
(NYSE:NCZ) announced today they have declared a $0.076389 per share
initial cash distribution payable on October 1, 2018 to Series A
cumulative preferred shareholders of record on September 24, 2018.

The Series A Cumulative Preferred Shares, which trade on the New York
Stock Exchange under the symbol NCZ PR A are rated “AAA’ by Fitch
Ratings and have an annual dividend rate of $1.375 per share. The
4,360,000 Series A Cumulative Preferred Shares were issued September 11,
2018 at $25.00 per share and will pay distributions quarterly. This
initial distribution represents the accrual period from September 11,
2018 through September 30, 2018. The Series A Cumulative Preferred
Shares will be callable at any time at the liquidation value of $25.00
per share plus accrued dividends from and after the expiration of a
five-year non-call period on September 11, 2023.

The actual composition and character of the distributions stated above
and future distributions of the Fund may be materially different from
the composition or character of such distributions that existed at the
time of this press release and may be comprised of net investment
income, capital gains and/or return of capital. Such factors affecting
the foregoing include the varied nature of the Fund’s investments and
the performance of those investments, and that the ultimate
characterization of the Fund’s distribution cannot finally be determined
until the end of the Fund’s fiscal year, resulting in the possibility of
a return of capital if the Fund makes total distributions in an amount
that exceeds its net investment income and net realized capital gains
during its fiscal year. Additional information as applicable regarding
the composition of the distributions will be made available at us.allianzgi.com/closedendfunds
after the payable date. As a result of the foregoing and other factors,
no assurance can be given as to the actual composition or character of
the Fund’s distribution at the time of this press release and neither
the Fund, Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), nor any
of its trustees, members, officers or employees assumes responsibility
for such statements.

This notice should not be used to prepare tax returns. In January 2019,
Form 1099-DIV (or substitute Form 1099-DIV) will be sent to shareholders
and will state the aggregate amount and tax characteristics of
distributions for the 2018 calendar year.

AllianzGI U.S., an indirect, wholly-owned subsidiary of Allianz Asset
Management of America L.P., serves as the Fund’s investment manager and
is a member of Munich-based Allianz Group.

The Fund’s daily New York Stock Exchange closing market prices, net
asset values per share, as well as other information, including updated
portfolio statistics and performance is available at us.allianzgi.com/closedendfunds
or by calling the Fund’s shareholder servicing agent at (800) 254-5197.

Statements made in this release that look forward in time involve risks
and uncertainties and are forward looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Such risks and
uncertainties include, without limitation, the adverse effect from a
decline in the securities markets or a decline in the Fund’s
performance, a general downturn in the economy, competition from other
companies, changes in government policy or regulation, inability to
attract or retain key employees, inability to implement its operating
strategy and/or acquisition strategy, and unforeseen costs and other
effects related to legal proceedings or investigations of governmental
and self-regulatory organizations. The Fund’s ability to pay
distributions to common shareholders is subject to the restrictions in
their registration statements, by-laws and other governing documents, as
well as the Investment Company Act of 1940.